Sensex, Nifty may edge higher following positive global cues; these factors set to steer indices today

Participants will first react to the macroeconomic data and then focus would again shift to the earnings announcements

Domestic equity market benchmarks BSE Sensex and Nifty 50 are set to open on a strong footing in Monday’s session on the back of favourable global cues. Market participants will track continued surge in coronavirus cases, macro data, stock-specific developments, rupee trajectory and movement in oil prices. Today, retail inflation data is scheduled to be announced later in the day today. “Participants will first react to the macroeconomic data and then focus would again shift to the earnings announcements. Needless to say, global cues and updates related to COVID-19 will also remain on their radar,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

SGX Nifty positive: Trends on SGX Nifty were positive as Nifty futures were trading 0.57 per cent or 61.25 points higher at 10,833 on Singaporean Exchange in Monday’s session.

Rossari Biotech IPO: Rossari Biotech is set to launch its IPO today. The firm has fixed a price band of Rs 423-425 per equity share for the Rs 500 crore IPO, including an offer for sale (OFS). Rossari Biotech IPO will be first to enter the market after Antony Waste Handling Cell, which had to withdraw its Rs 206 crore IPO in March as the market began to tank.

India’s forex reserves at all-time high: The country’s foreign exchange reserves surged by a massive USD 6.47 billion to touch an all-time high of USD 513.25 billion in the week ended July 3, the latest data from the Reserve Bank of India (RBI) showed. In the week ended Jun 26, the reserves had increased by USD 1.27 billion to USD 506.84 billion.

Asian stock markets: Asian stocks edged higher on Monday despite a rise in coronavirus cases. The Nikkei 225 in Japan rose 1.47 per cent in early morning trade. The Topix index advanced 1.55 per cent while South Korea’s Kospi gained 1.12 per cent.

US markets on Friday: In overnight trade on Friday, US stocks gained as a positive analysis on Gilead Sciences Inc’s antiviral drug to treat COVID-19 helped soothe investor worries over a record rise in coronavirus cases. The Dow Jones Industrial Average rose 369.21 points, or 1.44 per cent, to 26,075.3, the S&P 500 gained 32.99 points, or 1.05 per cent, to 3,185.04 and the Nasdaq Composite added 69.69 points, or 0.66 per cent, to 10,617.44.

FII and DII data: On Friday, foreign institutional investors (FIIs) sold shares worth Rs 1,031 crore and domestic institutional investors (DIIs) sold shares worth Rs 431.21 crore on a net basis, according to the provisional data available on the NSE.